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1-1
Day 2
BUS 222
1-2
Copyright 2005 Prentice Hall Ch 1 -2
Agenda
• Class roll call• Questions• Assignment 1 posted
– Due Feb 2 @ 2 PM– Marketing Assignment 1.pdf
• Overview of Marketing
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OVERVIEW OF MARKETING
01
McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
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L E A R N I N G O B J E C T I V E S
Overview of Marketing
LO1 Define the role of marketing in organizations.
LO2 List the elements of the marketing mix.
LO3 Describe how marketers create value for a product or service.
LO4 Understand why marketing is important both within and outside the firm.
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Apple
How does this company provide value?
Ryan
An
son
/AFP
Gett
y Im
ag
es
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What is Marketing?
Marketing is an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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What is value?
VALUE =
BENEFITS -
COSTS
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What is Marketing?
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Marketing is about Satisfying Customer Needs and Wants
• What group is Crest targeting with this ad?
• What other benefits of toothpaste might Crest advertise?
• What groups might these benefits appeal to?
©Procter & Gamble
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Marketing Entails an Exchange
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Marketing Requires Product, Price, Place, and Promotion
Decisions
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Product: Creating Value
• The fundamental purpose of Marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.
Goods
Services
Ideas
Royalty-Free/Corbis
Roz Wodward/Getty Images
Flying Colours Ltd./Getty Images
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Price: Capturing Value
• Price is everything a buyer gives up (money, time, energy) in exchange for the product
• The key to determining prices is to figure out how much customers are willing to pay and assess whether a profit can be made at that point
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Place: Delivering the Value Proposition
• Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it
• Where would you find this product in the store?
Courtesy Horizon Organic Dairy
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Superior Service: AT&T?
Courtesy AT&T; Agency: BBDO/Atlanta; Artist: Guido Daniele; Photographer: Andric
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Luxury Hotels
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Promotion: Communicating Value
• Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response
Photo by Paul Hawthorne/Getty Images
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Marketing Impacts Stakeholders
Society Customers
Employees
SupplyChain
Courtesy National Fluid Milk Processor Promotion Board; Agency: Lowe Worldwide, Inc.
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Marketing Helps Create Value
1. H.Armstrong Roberts/Retrofile/Getty Images 2. Jamie Grill/Iconica/Getty Images 3. ©Ted Dayton Photography/Beateworks/Corbis4. Ciaran Griffin/Stockbyte/Getty Images 5. ©Colin Anderson/Blend Images/Corbis
1 2 3 4 5
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Value-Based Marketing
“Pure Dark ChocolateLight Exquisite
Cookie”
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Check Yourself
1. What is the definition of marketing?
2. Marketing is about satisfying ______ and ______ .
3. What are the four components of the marketing mix?
4. Who can perform marketing?
5. What are the various eras of marketing?
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Value Driven Companies
• Share information across their organization
• Balance customer’s benefits and costs
• Build relationships with customers
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Companies that Put the Customer First
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Value Based Marketing
Photo by Christopher Peterson/BuzzFoto/FilmMagic/Getty Images
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Target is Value Driven
Target Commercial
©Lars A. Niki
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Check Yourself
1. Does providing a good value mean selling at a low price?
2. What type of relationship is best for providing value to customers?
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Why Is Marketing Important?
Dig
ital V
isio
n/G
ett
y
Imag
es
Jaso
n R
eed
/Gett
y
Imag
es
©Ed
ward
R
ozz
o/C
orb
is
And
rew
Ward
/Lif
e
File
/Gett
y Im
ag
es
©
Roy M
cMahon/C
orb
is
BananaS
tock
/Ju
pit
erI
mag
es
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Marketing and SocietyFocusing on many factors
Product Marketing practices
Communities Environment
©M. Hruby
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Marketing Enriches Society
Oprah's Angel Network
Photo by Thomas Cooper/Getty Images
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Marketing Can Be Entrepreneurial
Ben & Jerry’s Website
Ben & Jerry’s Commercial
Ben & Jerry’s Product MissionTo make, distribute, and sell the finest quality all natural ice cream and euphoric concoctions with a continued commitment to incorporating wholesome natural ingredients and promoting business practices that respect the Earth and the Environment
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Check Yourself
1. List five factors that emphasize the importance of marketing.
2. A firm doing the right thing emphasizes the importance of marketing to society